Mathematics, 25.03.2021 22:00, gilliancarter2202

In a game of chance, a contestant must choose a number from one of three categories. Correct number choices in Category A are worth $1500, but there is a penalty of $1000 for each incorrect choice. Correct number choices in Category B are worth $1000, with a $500 penalty for each incorrect choice. Correct number choices in Category C are worth $500, with no penalty for an incorrect choice. The probability of choosing correctly is 0.05 for Category A, 0.15 for Category B, and 0.25 for Category C. Which category has the highest expected value?

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In a game of chance, a contestant must choose a number from one of three categories. Correct number...